Beneficiary

20 Aug Where There Is A Will, A Beneficiary May Want To Be Named In It Per Stirpes Vs. Per Capita – Who Gets My Estate If A Beneficiary Predeceases Me?

Posted at 16:26h in Beneficiary, Charitable Giving, Estate Planning, Inheritance, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Wills

In drafting a will or a trust or in making a beneficiary designation, one of the most common questions that should be asked is “who would be entitled the share of my estate if a beneficiary predeceases me?” When you do not want to name...

20 Aug Should You Name A Trust As A Beneficiary Of A Retirement Account?

Posted at 16:12h in Asset Protection, Beneficiary, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Taxes, Trusts, Wills

Prior to the passage of the SECURE ACT, trusts named as a beneficiary of a retirement account could be prepared to stretch distributions (for tax-deferred growth) over the lifetime of the designated beneficiary. However, unless the beneficiary is either (1) a spouse; (2) someone less...

20 Aug Can Transfer On Death Deeds Be Fatal? 12 Problems With Transfer On Death Deeds

Posted at 16:08h in Beneficiary, Divorce, Estate Planning, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Transfer of Death

Transfer on Death Deeds (TODDs) are a simple tool to pass real estate after your death to avoid probate or an heirship determination. You can change your mind and cancel the deed. You can even name contingent beneficiaries. TODDs have no adverse tax consequences, do...

20 Aug 10 Same-Sex Marital Rights That Could Be Lost After Scotus Roe Ruling

Posted at 16:05h in Asset Protection, Beneficiary, Elder Justice, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Social Security, Taxes, Transfer of Death

Although the recent ruling by the Supreme Court of the US (“SCOTUS”) that there was no constitutional right to an abortion (and the case only dealt with abortion), Justice Clarence Thomas indicated in his decision that the constitutionality of same-sex marriage should also be reconsidered...

11 Jul Advantages And Disadvantages Of Community Vs Separate Property In Estate Planning

Posted at 11:04h in Beneficiary, Divorce, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Transfer of Death

My wife and I have an equal partnership – as she says, “What is mine is mine, and what is yours we’ll negotiate”. However, notwithstanding the definition of property in your household, Texas has its own laws defining ownership of property. Texas is a community property...

11 Jul Success Story Of The Month – Overcoming A Defective Or Less Than Powerful Power Of Attorney

Posted at 10:53h in Beneficiary, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Notarizations, Nursing Home, Power of Attorney, Probate Administration, Success Story of the Month

What could go wrong when using a general durable power of attorney for an agent to sign a deed (in this case, a Ladybird deed) on behalf of the principal (the one who signed the power of attorney)? Are there additional powers that should be...

03 May Three Reasons Why Revocable Living Trusts Should Not Be Used For Long-term Care Medicaid

Posted at 17:43h in Asset Protection, Beneficiary, Business, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Trusts

Revocable living trusts are useful in estate planning for many different reasons (avoidance of probate, privacy, quick transition of an on-going business, etc.) but there are only limited situations when they are helpful in planning for long-term care Medicaid which helps pay for nursing home...

03 May Nine Exceptions To Lender Forcing Payment Or Foreclosing On Your Home When You Make A Transfer

Posted at 17:39h in Asset Protection, Beneficiary, Divorce, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Public Benefits Protection, Transfer of Death, Trusts

Whenever you borrow from a bank or other lender to purchase residential real estate or borrow against the equity, it is typical that there is a “due-on-sale” clause in your deed of trust or mortgage. This gives the lender the ability to require full payment...

03 May Success Story of the Month – “Where’s The Beef When We Saved Their Bacon?”

Posted at 17:20h in Beneficiary, Business, Dementia, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Short Term Care, Social Security, Special Needs, Special Needs Trust, Success Story of the Month, Taxes, Transfer of Death, Wills

Who says you can’t save more than the “maximum”? This case illustrates how you can protect more assets than the “maximum” pursuant to long-term care Medicaid rules. FACTS: Wife, 70, has dementia and needs long-term care. She has no long-term care insurance. She receives Social Security of...

13 Apr What Do Jerry Jones, Charley Pride And Charles Manson Have In Common?

Posted at 16:03h in Asset Protection, Beneficiary, Divorce, End of Life Care Planning, Estate Planning, Inheritance, Lawsuits, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement

Last month a lawsuit was filed against Jerry Jones to determine if Jones is the father of a child (Alexandra Davis) who was not born of Jones’ marriage to his wife. Last year a will contest was filed against the Estate of Charley Pride by a...

13 Apr Nine Different Types Of Wills

Posted at 15:59h in Asset Protection, Beneficiary, Estate Planning, Financial Powers of Attorney, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Power of Attorney, Probate Administration, Public Benefits Protection, Taxes, Transfer of Death, Trusts, Wills

There are certain requirements for a last will and testament to be valid in Texas including: (1) being of sound mind; (2) being the age of majority (or married or a member of the armed forces of the U.S.); (3) not being unduly influenced; (4)...

13 Apr Five Significant Provisions Under Secure Act 2.0 That Changes Retirement Planning

Posted at 15:52h in 401(k), Beneficiary, Business, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Taxes

On March 29, 2022, the House of Representatives passed (with almost unanimous bipartisan support) a bill (commonly referred to as SECURE Act 2.0) that builds on the SECURE Act that was passed a couple of years ago. The bill (which has now been submitted to...

15 Mar Eight Circumstances To Leave Assets In A Trust For Your Beneficiary

Posted at 21:00h in Asset Protection, Beneficiary, Charitable Giving, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Long Term Care, Medicaid Planning, Probate Administration, Public Benefits Protection, Taxes, Trusts, Wills

Instead of your beneficiary inheriting outright, below are eight situations whereby you may want a trust for various protection: If your beneficiary is a minor or too immature to handle assets If your beneficiary is a minor, then the beneficiary (as a matter of law) cannot make...

15 Mar Ira Beneficiary Income Tax Planning

Posted at 20:47h in Beneficiary, Charitable Giving, Estate Planning, Medicaid Planning, Probate Administration, Retirement, Special Needs, Special Needs Trust, Taxes

IRAs grow tax-deferred until you make a withdrawal. At the time of withdrawal, you are income taxed on the withdrawal. When you pass, beneficiaries are also income taxed when they withdraw from the IRA. Prior to the SECURE ACT (which became effective at the beginning...

15 Mar Five Common Tax Issues In Estate Planning

Posted at 20:42h in Beneficiary, Estate Planning, Inheritance, Medicaid Planning, Probate Administration, Retirement, Social Security, Taxes, Trusts

There are often misconceptions on some basic tax issues in planning (income, gifts, estate, etc.). The following describes some of the common issues where there is a lack of understanding. Trusts do not need a separate tax identification number if you retain enough control Since you retain...

assets, attorney, benefits, care, deeds, elder care

15 Mar Six Different Trusts Used In Public Benefits Planning

Posted at 20:36h in Asset Protection, Assisted Living, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Lady Bird Deed, Long Term Care, Medicaid Planning, Medicare, Miller Trust, Nursing Home, Probate Administration, Public Benefits Protection, Social Security, Special Needs, Special Needs Trust, Trusts, Veterans

There are a variety of public benefits programs ranging from taking care of drug costs to long-term care costs to assistance for food and shelter. Although some public benefits programs such as Social Security Disability and Medicare are not “means-tested”, eligibility for most public benefits...

15 Feb Seven Different Types Of Bank Accounts Which Determine How Funds Are Distributed At The Owner’s Death

Posted at 22:16h in Beneficiary, Disability Benefits, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Transfer of Death, Trusts, Wills

Many do not realize the signature card on your bank account (as to the type of account established) determines how the funds in the account pass at the owner’s death. Thus, even if a person has a Will, the signature card could establish that the...

15 Feb Ten Types Of Assets That Should Not Be Included In A Revocable Living Trust

Posted at 22:09h in 401(k), Beneficiary, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Retirement, Transfer of Death, Trusts, utma, Wills

Revocable Living Trusts (RLTs) are commonly used for a variety of reasons ranging from avoiding probate to avoiding guardianship by retitling assets into the name of the trust if you should become disabled. However, not all assets can or should be transferred or even mentioned...

15 Feb 20 Biggest Errors Made By Executors

Posted at 22:02h in Beneficiary, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Transfer of Death, Wills

As the famous late N.Y. Yankee, Yogi Berra, once said “We made too many wrong mistakes.” Executors make many “wrong mistakes.” It may be an honor to be named as an executor in someone’s Will, but there are many pitfalls and errors that an executor...

elder law attorney, elder law attorney Dallas, Elder Law Attorney frisco

12 Jan Four Ways To Estate Plan For An HSA

Posted at 14:41h in Beneficiary, Estate Planning, Guardianship, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Transfer of Death

The government encourages saving for medical expenses by allowing before-tax contributions to a Health Savings Account (HSA) which can grow without taxation on the condition the funds are used for qualified medical expenses (ranging from acupuncture to vaccines and from hearing aids to dental work...

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